JOHN THOMAS LEADS GROUP AT HEALTH CARE REIT
By John Mugford
John Thomas
From its inception in 1970 until late 2006, Health Care REIT Inc. was busy accumulating quite a large portfolio of properties almost exclusively focused on seniors: skilled nursing facilities, assisted living developments, retirement communities and others.
But then, in one fell swoop back in late 2006, the publicly traded real estate investment trust (REIT) became a major player in the acute care side of healthcare real estate, including the ownership, management and development of medical office buildings (MOBs), ambulatory surgery centers and other outpatient facilities.
The fell swoop took place when Health Care REIT (NYSE: HCN) acquired Indianapolis-based and publicly traded Windrose Medical Properties Trust for $877 million. Included in the deal was a portfolio of 92 outpatient facilities, including 75 or so MOBs, as well as Windrose’s healthcare facilities development arm, Hospital Affiliates Development Corp.
Following the Windrose acquisition, Frederick L. “Fred” Farrar, an executive VP who was previously with Windrose, has been the primary leader of the REIT’s acute care properties arm. Mr. Farrar, however, is currently in the process reducing his role with the REIT; at the outset of 2009 he signed a contract to remain a consultant at least through the end of this year.
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